/NOT FOR
DISSEMINATION IN THE US OR THROUGH US NEWSWIRE
SERVICES/
VANCOUVER, BC, Nov. 24,
2022 /CNW/ - Datable Technology Corporation
(TSXV: DAC) ("Datable" or
the "Company") is pleased to announce that further
to its news release dated October 19,
2022, it has now completed the first tranche of its
non-brokered private placement which consisted of 22,250,000 units
of the Company (the "Units") at a price of $0.02 per Unit for gross proceeds of
approximately $445,000 (the
"Offering").
Each Unit consisted of one common share in the capital of the
Company (each, a "Share") plus one Share purchase warrant
(each, a "Warrant"). Each Warrant entitles the holder
to purchase one additional Share at a price of $0.05 for a period of two years from the closing
of the Offering.
The net proceeds from the Offering will be used to maintain or
preserve the Company's existing operations, activities and assets
and will not primarily be used to pay management fees or investor
relations activities.
All securities issued in connection with the second tranche of
the Offering will be subject to a statutory hold period of four
months plus a day from the date of issuance in accordance with
applicable securities legislation.
Kim Oishi, an insider of the
Company, subscribed for 1,000,000 Units ($20,000) under the Offering (the "Insider
Subscription"). The Insider Subscription constitutes a
"related party transaction" within the meaning of Multilateral
Instrument 61-101 – Protection of Minority Securityholders in
Special Transactions ("MI 61-101"). The Company has
relied on the exemptions from the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in
Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in
respect of the Insider Subscription. The Company did not file
a material change report more than 21 days before the expected
closing of the Offering as the details of the Offering and the
participation therein by related parties of the Company were not
settled until shortly prior to closing and the Company wished to
close on an expedited basis for sound business reasons.
In connection with the closing of the first tranche of the
Offering, the Company paid cash finder's fees in the aggregate
amount of $1,600 and issued 80,000
finder's warrants (the "Finder's Warrants") to a certain
qualified arm's length finder. Each Finder's Warrant is
exercisable into one Share (each, a "Finder's Warrant
Share") at an exercise price of $0.05 per Finder's Warrant Share on or before
November 24, 2024.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release in the United
States. Such securities have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and, accordingly, may not be offered or sold within the United States, or to or for the account or
benefit of persons in the United
States or "U.S. Persons", as such term is defined in
Regulation S promulgated under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
About Datable Technology
Corporation
Datable has developed PLATFORM3 a
proprietary Consumer Lifecycle and Data Management Platform that is
sold to global consumer brands.
PLATFORM3 is delivered as a
subscription service (Software as a Service model) and used by some
of the worlds' most valuable consumer brands to access new consumer
communities and engage them while collecting, analyzing, and
managing their first-party data.
PLATFORM3 incorporates
proprietary technology to monetize the consumer data, including
demographics and purchasing behaviour, by sending consumers
targeted offers by email and text messages. For more
information, visit datablecorp.com.
For additional information about the company please visit
www.sedar.com. The TSX Venture Exchange Inc. has in no way
passed upon the merits of the transaction and has neither approved
nor disapproved the contents of this press release. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectation. Important factors – including the
availability of funds and the results of financing efforts, – that
could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from
time to time on SEDAR (see www.sedar.com). Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release. The Company disclaims any intention or obligation,
except to the extent required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Datable Technology Corp.